YES. I think it’s a bug with the Reduce Loud Sounds feature. When I turn that off, everything sounds fine. Unlike the previous poster, it does affect TV shows and movies for me, at least for those with Atmos audio playing through the TV app. This is with a Sonos Arc and HD Fury.
edit: I should also point out that I’m running the public release of tvOS 15, not the beta like the previous posters. 😬